The present invention relates to the new and distinct Hosta plant, Hosta ‘Diamonds Are Forever’ discovered by Eric M. Sal at a nursery in Zeeland, Mich., USA in the summer of 2009 as an uninduced whole plant mutation in a tissue cultured crop of Hosta ‘Diamond Tiara’ (not patented). The new plant has been successfully asexually propagated both by division and by tissue culture at the same nursery in Zeeland, Mich. and in both asexual propagation systems found to be stable and produce identical plants that maintain the unique characteristics of the original plant.